Telegram-herald., 1887-07-31
4 PANIC IN WALL-ST
a ssriSzs csmDosles Cssssa - the sts<s
kseka4Es - ISIS Nea.PpssE-
ssSs- stoekss<4la a. 0rssf
-Acsio<s.

Ssx Y0sS july sA~-Tbs selling yssier
3sy which caused hesvy hqaidstiea n
tae sftsFao9n. dsFslopsd iato p<nle al ne
opening Of TIE ExChsnxe iais morning
and stocks were sold al any sacrifice. The
only objscg - the brokers seemed % be the
closing o. ths SoC0uRls OF The ruined specu
lstors Tie sresest cause Of the decline
szs the noa appearance Of Harry Powers.
sho toos ths pace Of Russell sage As the
leading writer Of privileges on TIE street
his business was enormous, aud many
operators he'd nls puts anc calls rs seeafi-
ties against lhslF stocks. Al the crncs oi
could zn3 henTy. wDO do most of Fcwsis
stock exchange business. 40 StzIeinsat
co1id be oolsined, although one Of the a.
t4lEes admitted hat Powers vas efncar-
rsssed but would probably come out AL
right and settle everything IN Iul. there
need be no suspension today even though
lie was bankrupt. as the half holiday pre-
vented any stock being put 10 him today.
The news al tee non-eppesranoS oi
Powers caused the Offering Of stock IN such
a volume that prices be 81 10 ceclne,
which Was only limited by tbe fact that no
cash could be realized from any sales made
today. Reading 5 per cent. 10 the nrst
bour, Northwestern, 8, S. Paul "A. Mis-
SCUM Pacific. -. canada southern. -,
Richmond Terminal, %, and Western
| Union, -.
The Posts financial article says. There
was no definite cause assigned for The de-
cline n prices this nornlng aside from
general attack which bad been made on
the market the past week. Managers OF
this attack on the market we're strength
ened by the suspension Of the Columbia
Bank OF Philadel pha which. Il Is claimed.
supplied a considerable proportion Of the
money. which Henry 5. Ives & 20. have
been enabled 10 carry on thei negotiations
for some time. At the Office OF Henry ,.
Ives & Co 10 was ssic Ives was not IN. His
partner, George II. Staynor. was la but was
too busy 10 talk 10 tine newspaper reporters.
Il wss claimed this morning by friends OF
Ives that the Columbian Bank was IN
deb,ed 10 the firm OF Henry ). Ives q Co.
The general belief in tie street, however,
is that the account stands the other way.
L. d. Cgmeau. OF 81 New-st., member OF
the Consolidated Exchange, has failed.
Two hundred shares Of the New YORK aud
New England stock were sold for him under
the rule.
J. c. Helm. another broker OF the Ccpsol-
idated Exchange, failed, and l.l6O0 shares
of the St. Paul. and l20 shares OF the Lake
Shore, were sold cut under the rule for his
account. Ills Indebtedness 10 the clearing
houses will probably not exceed 5000.
In regard TO Harry Powers, the Post says:
Late yesterday afternoon reports were ny
ing around I'll ct Harry II. Powers. the well
known pus and call broker on the street,
was in trouble, that ne would be unable 10
meet his.contracts and though that would
| bring down the brokerage firm Of Gould &
! Henry. Kennedy, of the firm OF n. |.
! Nicholas 4 Co.. hesring the rumo- in re-
gard to Powers standing, called upon the
firm for deposit of 5 per cent. margin
which he was entitled ~. on n 5O0-share
contract OF the firm which he held. de
could not find any member of the hrG,
and was unable to get the check for the
amount. Kennedy did not care to
wait and sold 500 shares on the Stock E1-
| change for the account of Gould Il Henry.
The price obtained was %. and the loss on
the TRANSACTION 10 the firm was only S375,
| Gould az Henry said the whole thing was
| blunGer, and that the house had not sus-
pended and did not intend to. Ii was said
that Pow ers was simply little pressed for
money and hao gone To one of his uncles,
who Is raputed TO oe worth 81 500. 600. and
| expected 10 raise sufficient money to relieve
| the pressure az the office OF Gould Henry
! this morning. 1t was learned that Powers
had not yet arrived with the money. but
taey were expecting him every minute.
| Further than that notkiag would be said.